Lam Research (NASDAQ:LRCX) Stock Price Down 2.5% – Here’s What Happened

Lam Research Co. (NASDAQ:LRCX) shares dropped 2.5% during mid-day trading on Thursday . The stock traded as low as $73.89 and last traded at $74.51. Approximately 1,993,331 shares traded hands during trading, a decline of 82% from the average daily volume of 11,247,200 shares. The stock had previously closed at $76.45.

Wall Street Analysts Forecast Growth

LRCX has been the topic of several recent research reports. Citigroup reduced their price target on Lam Research from $99.00 to $89.30 and set a “buy” rating on the stock in a research report on Monday, September 16th. TD Cowen raised their target price on Lam Research from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Cantor Fitzgerald restated a “neutral” rating and issued a $100.00 target price on shares of Lam Research in a research note on Thursday, October 24th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of Lam Research in a research note on Thursday, October 24th. Finally, B. Riley lowered their price objective on Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $97.03.

Lam Research Stock Down 3.7 %

The company has a fifty day simple moving average of $78.59 and a 200-day simple moving average of $89.23. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The firm has a market cap of $9.62 billion, a P/E ratio of 2.74, a price-to-earnings-growth ratio of 1.89 and a beta of 1.47.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.05. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business had revenue of $4.17 billion during the quarter, compared to analyst estimates of $4.06 billion. During the same quarter in the previous year, the company posted $6.85 earnings per share. Lam Research’s revenue for the quarter was up 19.7% on a year-over-year basis. On average, equities analysts anticipate that Lam Research Co. will post 3.23 earnings per share for the current year.

Lam Research Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were given a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $0.92 annualized dividend and a dividend yield of 1.25%. Lam Research’s payout ratio is 3.38%.

Insider Activity

In other news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the transaction, the chief accounting officer now directly owns 4,267 shares in the company, valued at $3,488,315.17. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Lam Research

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. M&G PLC boosted its stake in Lam Research by 21.9% during the third quarter. M&G PLC now owns 24,662 shares of the semiconductor company’s stock valued at $20,124,000 after buying an additional 4,431 shares during the last quarter. Foster & Motley Inc. bought a new stake in shares of Lam Research in the 3rd quarter valued at approximately $591,000. Crestwood Advisors Group LLC lifted its stake in shares of Lam Research by 2,112.7% in the 3rd quarter. Crestwood Advisors Group LLC now owns 28,389 shares of the semiconductor company’s stock valued at $23,168,000 after purchasing an additional 27,106 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Lam Research by 2.7% in the 3rd quarter. Amalgamated Bank now owns 28,843 shares of the semiconductor company’s stock valued at $23,538,000 after purchasing an additional 745 shares during the last quarter. Finally, Roman Butler Fullerton & Co. lifted its stake in shares of Lam Research by 1,252.2% in the 3rd quarter. Roman Butler Fullerton & Co. now owns 9,384 shares of the semiconductor company’s stock valued at $7,658,000 after purchasing an additional 8,690 shares during the last quarter. 84.61% of the stock is owned by institutional investors.

Lam Research Company Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.